Banking Opening a US bank account as a non resident

[SnowBumte]

I would like to open a US bank account. I am a non resident and I have a few questions about this. Any help would be much appreciated!

1. What documents do I need in order to do this? As far as I know it is possible but you do need to open the account in person. (I will be travelling to the states in a few months).

2. What is the best bank to open with? Lowest monthly fees as well as low withdrawal fees. I will be moving the money from a PayPal account into the bank account and withdrawing the money in Argentina.

3. Is it possible to withdraw money here in dollars? (I assume NO but just wanted to doublecheck)

4. Tax implications. Are there any? As a non resident do i need to pay tax on the money thats in my account? If so - how does that work?

Any other helpful pointers would be great! Thanks again.

 

[Mart]

Snow, banks in Florida tend to be very good about working with foreigners - they're used to it. Best bet is to open an account around Miami area. I know for a fact BOA will do it. You will need to be there in person and you will need some type of US mailing address. Other that that, you should be fine with your passport.

 

[SheCorney]

Snow, banks in Florida tend to be very good about working with foreigners - they're used to it. Best bet is to open an account around Miami area. I know for a fact BOA will do it. You will need to be there in person and you will need some type of US mailing address. Other that that, you should be fine with your passport.

This has changed during the last year. I am not sure it is possible anymore (although apparently existing accounts were grandfathered under the old regs). Do you have any knowledge of someone without a US tax ID number opening a new account in the last six months or so?

 

[Mart]

Yep, my BF opened one in FL. I think banks can make a decision and again, esp in S. Florida, they seem pretty open about it. He had to do it in person, he had to give them a US mailing address but there wasn't an issue.

 

[MarkTy]

For non-resident aliens in the U.S., it's essential to be aware of tax regulations and reporting requirements. The IRS provides information on Form 1040NR, which addresses the taxation of U.S. source income for non-resident aliens. This includes income such as interest earned on a U.S. bank account. Additionally, each state may have its own form, such as the 540NR, for state tax reporting.

It's crucial to review the instructions for Form 1040NR, which outline the rules regarding departure permits. These permits serve as proof that current taxes have been settled before leaving the country.

Furthermore, individuals should investigate the need to file an FBAR (Report of Foreign Bank and Financial Accounts) each year. Failure to file this form can result in a substantial penalty, and it applies to both resident and non-resident "U.S. persons." Staying informed about these tax obligations is crucial for compliance and avoiding potential penalties.

 

[SheCorney]

Does anybody know if things have changed since just in the past week Argentina has been declared a "major money laundering country"? Could this affect Argentine nationals opening bank accounts?

 

[earlyretirement]

I think this just depends on each individual branch. Even if it's at a bigger bank I think it can just depend where you are applying and the discretion of the bank. All my Argentine friends that tried opening up bank accounts were told they needed an ITIN.

When my wife opened up a bank account before she got a social security number, she too was asked to get an ITIN.

Maybe it's easier in Miami but even some that tried in Miami were told they needed an ITIN.